Govt asks companies to ensure fair trade practices
The government on Thursday asked companies to ensure fair trade practices in their markets and restrain from anti-competitive activities that hurt consumers.
New Delhi: The government on Thursday asked companies to ensure fair trade practices in their markets and restrain from anti-competitive activities that hurt consumers.
To spread more awareness about healthy competition in market place, Corporate Affairs Minister Sachin Pilot along with officials of fair trade regulator CCI met with senior executives of country's top companies.
During the meeting, Pilot conveyed the message that consumer interest is supreme.
"If we work with that objective in mind as to how to protect the interest of the consumer, having a competition programme is the way forward," Pilot said while addressing the company executives here.
The Minister stressed that companies need to ensure that consumers are not burdened by the anti-competent practices that are taking place in some sectors.
On Thursday's meeting is significant against the backdrop of increasing instances of complaints about companies abusing their dominant market positions or entering into anti- competitive pacts.
Pilot said the purpose of competition rules is to create an environment where people are not allowed monopolistic control over market, or resort to cartelisation.
"...We have many sectoral regulators and we have CCI but they must talk to each other at the appropriate time," the Minister said.
Recently, the Competition Commission of India (CCI) had met representatives of various trade associations to sensitise them about healthy competition practices.
Noting that the ministry is working on a National Competition Policy, Pilot said that some quarters have expressed difficulties in accessing the domain of the government run companies.
"PSUs feel we are very harsh on them, private companies feel we are very harsh on them, we want them to believe that we are not harsh on anybody, we just want to promote robust environment where competition takes place," Pilot said.
CCI has been making efforts to create awareness among the corporates, general public and other stakeholders about healthy competition in the market place and its benefits for the overall economy.